Netherlands-based cleantech startup RIFT raised €113.8 million (USD$132 million) in combined funding through a Series B round and a European Union grant to scale its technology to decarbonize industrial heat.
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Counterparts (8)
Investor
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Rubio Impact Ventures
company
PGGM
company
PGGM is a Dutch cooperative pension fund service provider. They invest in infrastructure assets globally, focusing on long-term, sustainable investments that generate stable returns for their pension fund clients.
Invest-NL
company
Invest-NL is the Dutch impact investor, established by the Dutch government in 2020. Its mission is to make the Netherlands more sustainable and innovative by providing financing and advice to companies and projects that are difficult to finance through commercial banks alone, focusing on areas like energy transition, circular economy, sustainable agriculture, and deep tech.
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Energietransitiefonds Rotterdam
company
Energietransitiefonds Rotterdam is a €100 million fund established by the Municipality of Rotterdam in 2020. Its primary objective is to accelerate the energy transition within the Rotterdam region by investing in projects that contribute to sustainability and CO2 reduction. The fund provides flexible financing instruments, including loans, guarantees, and equity participation, across various energy transition technologies.
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Deal Analysis
Netherlands-based RIFT secured $132 million USD in combined Series B funding and an EU grant, drawing significant backing from local heavyweights to scale its industrial heat decarbonization technology. Dutch pension fund PGGM, known for its long-term sustainable infrastructure investments, joined government-backed Invest-NL and the Municipality of Rotterdam's €100 million energy transition fund. This diverse investor consortium signals strong domestic confidence in RIFT's solution for hard-to-abate industrial emissions. The financing pushes the cleantech startup into its construction phase, accelerating a critical climate solution.
- $132 million USD in combined Series B and EU grant funding.
- Dutch pension fund PGGM, a global infrastructure investor, participated.
- Invest-NL and Energietransitiefonds Rotterdam, a €100 million municipal fund, among investors.
- RIFT's industrial heat decarbonization technology is now entering the construction stage.
Source Intelligence
KEY DETAILS
The project is anticipated to deliver totaling around 5 TWh of decarbonized heat and reducing CO₂ emissions by more than one million tons over a 15-year lifespan. The new funding follows RIFT’s $11.9 million Series A round, which was completed in October 2024. Founded in 2020, RIFT provides Iron Fuel Technology, which operates like a rechargeable battery for heat generation as a solution to help decarbonize industrial heat.
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Deal Size
RIFT announced that it has raised €113.8 million (USD$132 million) in combined funding through a Series B round and a European Union grant
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Location
Netherlands-based cleantech startup RIFT
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Financials
The funding includes $96.4 million in Series B financing, led by PGGM, with participation from Invest-NL and Oost NL, as well as Rubio Impact Ventures, BOM and the Energietransitiefonds Rotterdam, alongside $35.6 million from the EU Innovation Fund for a related project.
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Announcement
Kenny Fisher March 5, 2026 Netherlands-based cleantech startup RIFT announced that it has raised
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COD
expected to become operational by 2029
PARTIES MENTIONED IN SOURCE
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RIFT
developer
"Netherlands-based cleantech startup RIFT announced that it has raised"
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PGGM
investor
"led by PGGM"
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Invest-NL
investor
"with participation from Invest-NL"
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Oost NL
investor
"and Oost NL"
R
Rubio Impact Ventures
investor
"as well as Rubio Impact Ventures"
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Energietransitiefonds Rotterdam
investor
"and the Energietransitiefonds Rotterdam"
E
EU Innovation Fund
lender
"alongside $35.6 million from the EU Innovation Fund for a related project."
high quality
Enriched Mar 9, 2026
Global Infrastructure Sherpa